Receivership

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Receivership

A court order whereby all the property subject to dispute in a legal action is placed under the dominion and control of an independent person known as a receiver.

Receivership is an extraordinary remedy, the purpose of which is to preserve property during the time needed to prosecute a lawsuit, if a danger is present that such property will be dissipated or removed from the jurisdiction of the court if a receiver is not appointed. Receivership takes place through a court order and is utilized only in exceptional circumstances and with or without the consent of the owner of the property.

receivership

n. the process of appointment by a court of a receiver to take custody of the property, business, rents and profits of a party to a lawsuit pending a final decision on disbursement or an agreement that a receiver control the financial receipts of a person who is deeply in debt (insolvent) for the benefit of creditors. Thus, the term "the business is in receivership." (See: receiver)

References in periodicals archive ?
But far greater scrutiny of receiverships followed shortly
8220;There is a great deal of uncertainty in receivership work since the property condition is unknown, vendor and franchise relations are strained, and customer service is often not up to par.
We congratulate Bev on her success in gaining her qualification," said Neil Inman, who heads up Scanlans' receivership and restructuring team.
MBA's comments are not meant to promote any specific course of action for FHFA in receivership.
Receiverships and bankruptcy cases are a means to capitalize on this marketplace and stabilize or increase your bottom line.
So there were probably twice as many receiverships in the first half of the year if personal asset receiverships are included.
Although active receiverships have higher costs, the upside reward can be significantly greater.
After a receivership is set up for a particular association, "any unit that goes into foreclosure that has a renter in it is automatically included under the umbrella.
In the case of one of MEB's receiverships, the community was in such bad shape that apartments could not be rented until the roof was replaced.
Corporate insolvencies, including administrations, winding-up orders and receiverships, for the three quarters of 2008 number 15,164 - almost equal to all of 2007.
GRID is a voluntary database provided by the state insurance departments to report information on insurer receiverships for consumers, claimants and guaranty funds.
Following the demise of administrative receiverships under the Enterprise Act 2002, receiverships under the Law of Property Act are proving highly effective as a method of enforcing security held by mortgagees and as a result are becoming increasingly popular," he said.